The Notice of Intent to Withdraw (NOI)
It sounds complicated, but it's just the official "Permission Slip" to sell your Leisure World home.
Because you live in a Stock Cooperative, you don't just "sell a house." You are officially notifying the Mutual Corporation of your intent to withdraw your membership and transfer your stock to a new buyer. If the back of the Certificates have put ownership into a trust, we'll need the GRF to do a Trust Review before we can move forward with the NOI.
How the Process Works
1. Verify Ownership
Before we can file, we must verify you have the legal right to sell. We need your original Stock Certificate and Membership Certificate. If they are lost, we must file an "Affidavit of Lost Certificate" first.
2. Submit the NOI
We submit the signed NOI to the GRF Stock Transfer Office. If the unit is in a Trust or Estate, we must also submit trust documents, death certificates, or executor paperwork at this time.
3. Mutual Approval
The Stock Transfer Office sends your paperwork to the Mutual President for signature. This review process typically takes about 10 working days.
4. The "Green Light"
Once signed, the approved NOI is sent to Escrow. Only then can we order the Pre-Listing Inspection (PLI) and officially list your home.
The "Waiting Period" Rules
Until your NOI is signed and approved by the Mutual President, strict rules apply:
We cannot install a Realtor lockbox on your door until the NOI is fully approved.
Signage is prohibited until the paperwork is official.
We cannot show the property to prospective buyers until the NOI and Pre-Listing Inspection are complete.
*Note: An approved NOI expires after 180 days. If the home does not sell within 6 months, we must resubmit the paperwork and pay the fees again.
